Studying competitors generates new business. Here are 4 best practices

In this period of prolonged economic uncertainty, it is not easy to propose oneself and gain interest from both existing and potential clients. It can be a useful exercise to readjust your Company's identity and strategies starting from a competitive analysis, especially to understand how competitive you are compared to your main competitors.

competitors are always on the move, and the important thing is not to fall behind and lose vital ground

Let's examine four possible areas of comparison that, when thoroughly explored, can lead to actions that certainly generate new business.

Positioning Comparison

In a previous post (Italian version) published in the magazine of Leading Network - Associazione Italiana Temporary Manager , I had already highlighted the advantages of using a tool like Semrush to quantify your organic positioning on Google relative to your main competitors. The tool is free if used occasionally and, although it does not allow advanced functionalities, it produces interesting results. It works as long as you consider companies of a certain prominence.

Alternatively, it can be useful to enter the keywords you want to be found for by clients into a browser and see the results: in this way, you get a complete picture of your digital visibility and the degree of effectiveness and relevance of the keywords for which you are intercepted on the web, always in relation to the competition.

>> Expected Benefit: it is possible to take action to increase your visibility and thus reduce the gap with more skilled competitors in organic search techniques; it goes without saying that becoming more visible for relevant keywords increases quality traffic to the site and thus business opportunities, more or less directly depending on the sector.

Communication Comparison

The quality of communication is usually somewhat neglected or, at best, poorly updated.

Analyzing the communication methods of competitors - in terms of produced content and its frequency, the channels they use, and, why not, the goals they have achieved - is always a stimulus for new ideas to highlight your own value and convey it more effectively.

communication must maintain a high-quality level and speak the same language as the target clients

Better if the communication starts from the grassroots and is capable of producing references.

>> Expected Benefit: those who communicate better always get more interest and thus generate new business, hopefully taking space away from competitors.

Commercial Comparison

The commercial approach of companies is constantly evolving, and corporate websites often reflect this; similarly, web analysis for so-called "branded keywords" using the competitor's name can reveal new developments.

For example, you might find out about fairs and events they participate in, new commercial intermediaries mentioned on their site, special pricing policies such as campaigns and offers.

It is also not difficult to identify names of clients and served sectors: for example, you might understand if the competitor exports and where they export to, just by seeing the languages in which the site is translated or if it is available in different national domains.

It is very useful to follow competitors on social media as well: sometimes, the news does not appear on websites but on social channels, which are much easier to manage and immediately updated.

>> Expected Benefit: The evolution of competitors' commercial conduct, just like their communication, provides very useful suggestions to understand if there are areas for improvement that can generate new business.

Strategy Comparison

The analysis of competitors' strategy and business model is the most necessary, indeed, mandatory task.

I am referring to the study of new activities undertaken by competitors regarding market approach, such as:

• New types of sectors and clients served
• New product Certifications to penetrate new sectors and/or markets
• Launch of e-commerce or presence in marketplaces
• M&A operations
• Subsidiaries or joint ventures abroad
• Expansion through the opening of new branches
• Launch or growth of the product range
• New technological partnerships

Sometimes even competitors' job postings can be significant in understanding what is happening on their end.

>>Expected Benefit: The main benefit is combating one's own inertia, a trap into which it is easy to fall without realizing it; thus, the analysis of competitors can open new horizons and generate new business.